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How to Incorporate in Hawaii (May 2024 Update)

Meow Technologies, Inc.

Meow Technologies, Inc.

Incorporating a business in Hawaii creates a legal entity that is separate from its owners. An incorporated business can enter into contracts, sue and be sued, and take on debt obligations that its owners are not personally responsible for. Incorporating brings additional credibility, tax advantages, and personal asset protection benefits compared to operating as a sole proprietorship or general partnership. This article provides a step-by-step guide on how to incorporate in Hawaii, including an overview of each major requirement along the way.

Choose a Business Name

The first step when incorporating in Hawaii is to select your corporation’s official business name. You’ll want to check that your desired name is available and complies with Hawaii’s naming guidelines before filing your incorporation paperwork.

Hawaii corporations must have an indicator word like “Corporation,” “Incorporated,” or “Limited” in their business names. You also cannot select a name already in use by another Hawaii company or one that government regulators find too similar to an existing business name. Geographical locations and words like “Partners” cannot be included either without additional approval.

Once you have a business name in mind, search the Hawaii Business Express database to see if that name is already taken. If the name is available, you can reserve it for up to 120 days by filing a simple Application for Reservation of Name with the state’s Department of Commerce and Consumer Affairs. There is a small $10 fee to reserve a business name before incorporating.

Reserving your corporation’s name before incorporating is recommended in case there are any issues to resolve with the name you picked. However, you can also file your incorporation paperwork right away without a reservation if you want to save time. The state will still verify name availability even if you don’t reserve it beforehand.

Appoint a Registered Agent

All Hawaii corporations must designate a registered agent, which is a person or company responsible for receiving important legal documents on behalf of the business. Lawsuits, tax notices, subpoenas, and other essential mail will go to your registered agent.

You can serve as your corporation's registered agent yourself if you want to save money. The downsides are that your personal home address will then be listed on the public record. You also need to be available during business hours to sign for deliveries. Using a registered agent service can be worth the small yearly fee for many business owners. These services protect your privacy and ensure important paperwork gets handled promptly if you become unavailable.

When appointing a registered agent, you’ll need to provide their name and a legitimate Hawaii street address (no P.O. boxes). This information will become a part of the state's public record once your Articles of Incorporation are approved.

File Articles of Incorporation

Filing Articles of Incorporation with the Hawaii Department of Commerce and Consumer Affairs formally registers your corporation with the state. Preparing Articles of Incorporation isn’t difficult, but accuracy is important as any mistakes could lead to processing delays. You’ll need to provide the following basic details:

  • The official and complete name of your Hawaii corporation
  • Your registered agent’s name and physical Hawaii address
  • A Hawaii street address for your business
  • The mailing address for your business (can be a P.O. Box)
  • The number and type of stock shares your corporation is authorized to issue
  • The name(s) and address(es) of your incorporator(s)
  • Signature of the incorporator(s)

You can file your Articles of Incorporation electronically on the Hawaii Business Express website, which is recommended for fastest processing. The state filing fee is $50, plus an extra $1 State Archive preservation fee. Standard processing takes 3-5 business days, while expedited filing has a 1-3 day turnaround for an additional $25 rush fee.

Get an Employer ID Number

You’ll need a federal Employer ID Number (EIN) if you plan to hire employees, open business bank accounts, or file any corporate tax returns. An EIN serves as your business's tax ID number with the IRS for situations when using your Social Security Number isn’t appropriate. Applying online at IRS.gov for an EIN is free and only takes a few minutes.

Hold an Organizational Meeting

After the state approves your Articles of Incorporation, the next step is to hold an initial organizational meeting. At this first corporate meeting, you’ll adopt bylaws, appoint directors if you have multiple shareholders, elect officers like the President and Secretary, and authorize issuing stock certificates.

Standard bylaws establish internal operating rules and procedures for how your Hawaii corporation will function. You’ll also want to execute resolutions for banking and other corporate matters requiring documentation that authority has been granted to officers or shareholders.

We recommend working with an incorporation service that provides free templates for bylaws, organizational meeting minutes, banking paperwork, and other essential documents you'll need at this stage.

Open a Business Bank Account

During your organizational meeting or shortly thereafter, you should open a dedicated bank account for your Hawaii corporation. Separating corporate finances from your personal accounts adds an extra layer of protection against potential business debts or lawsuits. The legal doctrine known as “piercing the corporate veil” also becomes more likely if shareholders intermingle assets.

Bring a recently filed Articles of Incorporation, corporate bylaws, and your new EIN when applying for an Employer ID Number (EIN). Some banks may require a corporate resolution to open an account if authority hasn’t yet been expressly given to whoever is signing up for the banking services. An incorporation service can provide a free template resolution granting account opening powers that you can customize with your corporation's details.

For more information, take a look at our article on the key benefits of business checking accounts.

File Annual Report

Hawaii corporations must submit an annual report each year to confirm or update details about the business with regulators. You will not need to file an annual report until the year after incorporating. However, don’t forget this important requirement as failing to file an annual report can lead to involuntary business dissolution.

The annual filing deadline varies based on your incorporation date but falls on the last day of the corresponding quarter. For example, a company incorporated on August 1st would file by September 30th of the following calendar year. You must pay a small fee when submitting the annual report online or by mail. We also recommend authorizing an incorporation service that offers automatic annual report reminders and filing services.

Conclusion

Incorporating in Hawaii involves several key steps, but taking the time upfront to properly set up your corporation positions you for business growth and liability protection benefits down the road. Carefully choose your business name and file the Articles of Incorporation to register with the state. Designate a registered agent, obtain an EIN, and hold an initial organizational meeting to cover additional incorporation formalities. Finally, open a dedicated corporate bank account and remember to file the required annual report each year. Following this Hawaii incorporation guide lays the groundwork for running a successful incorporated business in Hawaii.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

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*Disclaimer: Meow Advisory LLC is a registered investment adviser. Registration as an investment adviser does not imply any level of skill or training.
For accounts opened through Atomic Brokerage LLC: Meow Advisory LLC has an engagement with Atomic Brokerage LLC (“Atomic Brokerage”), a registered broker-dealer and member of FINRA and SIPC , to bring you the opportunity to open a brokerage account. Brokerage services for customers of Meow Advisory LLC are provided by Atomic Brokerage. For more details about Atomic Brokerage, please see the Form CRS, General Disclosures, and the Privacy Policy. Check the background of Atomic Brokerage on FINRA’s BrokerCheck.
For subadvisory services for accounts opened through Atomic Invest LLC: Meow Advisory LLC has an engagement with Atomic Invest, LLC (“Atomic Invest”), an SEC-registered investment adviser, to bring you the opportunity to open an investment advisory account. Investment advisory services are provided by Atomic Invest. Companies which are engaged by Atomic Invest receive compensation of 0% to 0.85% annualized, payable monthly, based upon assets under management for each referred client who establishes an account with Atomic Invest (i.e., exact payment will differ). Atomic Invest also shares a percentage of compensation received from margin interest and free cash interest earned by customers with Meow Advisory LLC. Meow Advisory LLC is not a client of Atomic Invest, but our engagement with Atomic invest gives us an incentive to refer you to Atomic Invest instead of another investment adviser. This conflict of interest affects our ability to provide you with unbiased, objective information about the services of Atomic Invest. This could mean that the services of another investment adviser with whom we are not engaged could be more appropriate for you than Atomic invest. Advisory services through Atomic Invest are designed to assist clients in achieving a favorable outcome in their investment portfolio. They are not intended to provide tax advice or financial planning with respect to every aspect of a client’s financial situation and do not include investments that clients may hold outside of Atomic Invest. For more details about Atomic Invest, please see the Form CRS, Form ADV Part 2A, the Privacy Policy, and other disclosures. Brokerage services for Atomic Invest are provided by Pershing Advisor Solutions LLC (“PAS”), a registered broker-dealer and member of FINRA and SIPC.
Neither Atomic Invest nor Atomic Brokerage, nor any of their affiliates, is a bank. Investments in securities are Not FDIC insured, Not Bank Guaranteed, and May Lose Value. Investing involves risk, including the possible loss of principal. Before investing, consider your investment objectives and the fees and expenses charged by Atomic Brokerage and/or Atomic Invest.
See the Legal Section within the Meow website for additional agreements.

U.K. Gilt pricing quoted net of fees. ~5% U.K. Gilt yield is sourced from Investing.com December 2023 6-month United Kingdom 6-Month Bond Yield. ~5% Treasury Bill yield is sourced from treasurydirect.gov December 2023 12-week U.S. Treasury Bill auction.

**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

FirstBank Funds Availability Notice

FirstBank’s general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the SECOND business day after the day of deposit.